Equity

9 Months Ended

Sep. 30, 2014

Stockholders' Equity Note [Abstract]

Equity

Equity

Changes to equity during the nine months ended September 30, 2014 are presented below:

	HollyFrontier Stockholders’ Equity			Noncontrolling Interest			Total Equity
	(In thousands)
Balance at December 31, 2013	$	5,999,620		$	609,778		$	6,609,398
Net income	503,496			33,177			536,673
Dividends	(485,803		)	—			(485,803		)
Distributions to noncontrolling interest holders	—			(58,473		)	(58,473		)
Other comprehensive income, net of tax	69,189			278			69,467
Equity-based compensation	18,235			2,493			20,728
Excess tax benefit attributable to equity-based compensation	4,482			—			4,482
Purchase of treasury stock (1)	(135,062		)	—			(135,062		)
Purchase of HEP units for restricted grants	—			(1,064		)	(1,064		)
Other	—			502			502
Balance at September 30, 2014	$	5,974,157		$	586,691		$	6,560,848

(1) Includes 92,048 shares withheld under the terms of stock-based compensation agreements to provide funds for the payment of payroll and income taxes due at the vesting of share-based awards.

In September 2014, our Board of Directors approved a $500 million share repurchase program, which replaced the existing stock repurchase program, authorizing us to repurchase common stock in the open market or through privately negotiated transactions. The timing and amount of stock repurchases will depend on market conditions, corporate, regulatory and other relevant considerations. This program may be discontinued at any time by the Board of Directors. As of September 30, 2014, we had remaining authorization to repurchase up to $467.8 million under this stock repurchase program. In addition, we are authorized by our Board of Directors to repurchase shares in an amount sufficient to offset shares issued under our compensation programs.